LAMDA Development 9M 2021 consolidated net result, after taxes and minority interest, amounted to €209.6million profit, compared to €19.2million loss in the respective period in 2020.
The Company’s financial results include the €306million positive impact, already realized in first half of 2021,
from the revaluation, by an independent valuer, of the value of the Investment Property held by
HELLINIKON S.A.
Shopping Malls (The Mall Athens, Golden Hall and Mediterranean Cosmos) EBITDA in 9M 2021 amounted to €31.2million, marginally 2% below the respective period in 2020.
The key drivers to the aforesaid marginal decline to the operating profitability were (a) the suspension of the Shopping Malls’ operations for the majority of the said period and (b) the legal provision for rent discounts to shopkeepers/tenants which applied for a longer period in 9M 2021.
In accordance with the relevant legislation, the Company proceeded to 40%3 rent reductions for an aggregate period of 6 months in 9M 2021 (compared to 40% rent discounts in March and June 2020 and 70% in April and May 2020).
As per the relevant legislation, for the months July until September 2021 and for the entire retail trade sector (including the Food & Beverage sector), no discounts/reductions to monthly rents have been applied. Shopping Malls EBITDA in Q3 2021 reached €15.2m, a significant 23% increase vs. the respective period in 2020.
The said increase is primarily attributed to
(a) the significant increase in customer consumption (significant increase in private consumption on account of the higher household savings rate during the pandemic,
(b) the strong growth in footfall and
(c) the retreating impact of the relevant legislation for the provision of discounts/reductions to monthly rents.
Worth noting that Shopping Malls Q3 2021 EBITDA were marginally lower (3%) vs. the record-high operating profitability levels in the respective period in 2019.
You may find out more here.
